Stars: Current F1 championship leader Jenson Button, left, and 2008 world champion Lewis Hamilton would follow their teams Brawn GP and McLaren if they joined a breakaway series

'It has become clear, however, the teams cannot continue to compromise on the fundamental values of the sport and have declined to alter their original conditional entries to the 2010 world championship.

'These teams, therefore, have no alternative other than to commence the preparation for a new championship which reflects the values of its participants and partners.

'This series will have transparent governance, one set of regulations, encourage more entrants and listen to the wishes of the fans, including offering lower prices for spectators worldwide, partners and other important stakeholders.

'The major drivers, stars, brands, sponsors, promoters and companies historically associated with the highest level of motorsport will all feature in this new series.'

Silverstone, in Northamptonshire, could host a grand prix for the breakaway championship

The row between the two groups is over a £40million budget cap the FIA is seeking to impose on the teams.

BRDC, which owns the Silverstone circuit, said a race at the Northamptonshire circuit would be viable.

Mr Brooks said: 'I would say that right now the circuit is in the best nick I've seen it, and we will have a sell-out capacity crowd this weekend.

'Of course, we aspire to improve the facilities, we are constantly re-investing the profits into this place.

'On Saturday we're going to have the largest crowd I can recall, which is edging up towards six figures, and on Sunday we're a sell-out, 100,000 plus.

'The final total is likely to be our best attended grand prix, so we're in great shape.'

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Formula One on brink of collapse as biggest teams plan breakaway rebel competition